The home office sells merchandise to its branch at 120% of cost. The branch was established several years ago with the policy that all its merchandise would be acquired from the home office. The following information is available from the records of the home office and the branch: Allowance for overvaluation in branch inventory, P103,500; branch beginning inventory, P81,000; branch ending inventory, P135,000. The total shipments from the home office as recorded by the branch are:

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